Loan limits for Multnomah County, Oregon were increased for 2017. Federal housing officials have raised the maximum loan caps for FHA, VA and conventional (conforming) home loans within the county. They made this adjustment in response to significant home-price gains that occurred during 2016. You’ll find all of the 2017 limits below.
Multnomah County FHA Loan Limits for 2017
FHA loan limits are established by the Department of Housing and Urban Development (HUD). They are reviewed every year and, when warranted, increased in order to keep pace with rising home values.
Here are the 2017 FHA loan limits for Multnomah County, Oregon:
- Single-family home: $408,250
- Two-family home: $522,600
- Three-family home: $631,750
- Four-family home: $785,100
Note: The single-family FHA loan limit of $408,250 applies to most “regular” home buyers in Multnomah County, who tend to purchase single-family homes. The other categories generally apply to investors purchasing multi-family housing units like duplexes and triplexes.
The 2017 single-family FHA loan limit within the county is more than $40,000 higher than last year’s cap of $368,000. This increase was made in response to the major home-price gains that occurred in the area during 2016. According to real estate data company Zillow, the median home price for Multnomah County rose by more than 15% last year. So clearly, some higher FHA loan limits were warranted for 2017.
Conforming and VA Limits Also Increased
During 2017, Veterans Administration (VA) loan limits are based on the conforming loan limits for conventional (non-government-backed) mortgage loans. In other words, the same limits apply to both VA and conforming. And they are slightly higher than the FHA caps shown above.
Here are the 2017 VA and conforming loan limits for Multnomah County.
- One-unit property: $424,100
- Two-unit property: $543,000
- Three-unit property: $656,350
- Four-unit property: $815,650
The median home price for the county was around $380,000, as of January 2017. Conforming and VA loan limits are quite a bit higher than this median price. This means that home buyers who prefer to shop within these limits should have plenty of properties to choose from in 2017.
Even in the red-hot Portland real estate market, the median home price is currently below the single-family loan limits shown above. As of January, the median house value in Portland was around $405,000, according to multiple sources.
A quick word about jumbo loans. When a conventional home loan exceeds the conforming limits shown above, it is referred to as a “jumbo” mortgage. This level of financing is still widely available in 2017, though it often requires a larger down-payment investment from the borrower.
Have Questions? Want to Apply for a Mortgage?
Do you need a mortgage loan to buy a home in the Portland metro area, or elsewhere in Multnomah County? Our financing experts are here to help.
Sammamish Mortgage has been serving borrowers across the Pacific Northwest for more than 20 years. We offer competitive rates on many different types of home loans, including FHA, VA and conventional.
Please contact our staff with any questions you have, or to receive a rate quote.